Webuildem Pty Limited v Lord & Ors [2013] NSWSC 1886

Supreme Court New South Wales

Medium Neutral Citation: Webuildem Pty Limited v Lord & Ors [2013] NSWSC 1886 Hearing dates: 3, 5 & 9 December 2013 Decision date: 10 December 2013 Jurisdiction: Equity Division Before: Slattery J Decision: Motion dismissed. Catchwords: MORTAGE - application for an injunction preventing auction of properties mortgaged to the second defendant bank - whether the bank through its agents in possession, the first defendants, has adequately marketed the properties for sale - plaintiff has a conditional offer of refinancing - whether the plaintiff has a prima facie case against the mortgagee under Corporations Act 2001, s 420A - whether the balance of convenience favours the grant of an interlocutory injunction - general rule discussed that an injunction will not be granted unless the amount of the mortgage debt is paid into Court - whether exceptions to that rule may apply because the amount of the debt is in dispute or because a refinancing proposal is available - whether damages would be an adequate remedy. Legislation Cited: Corporations Act 2001, ss 428 and 1324(4) Cases Cited: Australian Broadcasting Corp v Lenah Game Meats Pty Ltd (2001) 208 CLR 199 Allfox Building Pty Ltd v Bank of Melbourne Ltd (1992) NSW ConvR 55-634 Bayblu Holdings Pty Ltd v Capital Finance Australia [2011] NSWCA 39 Clarke v Japan Machines (Aust) Pty Limited (No 2) [1984] 1 Qd R 421 Fortson Pty Ltd v Commonwealth Bank of Australia (2008) 100 SASR 162 GE Capital v Davis (2002) 11 BPR 20,529 Harvey v McWatters (1948) 49 SR (NSW) 173 Inglis v Commonwealth Trading Bank of Australia (1972) 126 CLR 161 Parist Holdings Ltd v Perpetual Nominees Ltd [2006] NSWSC 599 Re Webuildem Pty Limited [2012] NSWSC 708 Ultimate Property Group Pty Ltd v Lord (2004) 60 NSWLR 646 Webuildem Pty Limited v Arab Bank of Australia Ltd (2013) 300 ALR 99 Category: Interlocutory applications Parties: Plaintiff: Webuildem Pty Limited First Defendant: Brett Lord Second Defendant: Jack Bournelis (as agents of the Arab Bank Australia Limited the mortgagee exercising power of sale) Representation: Counsel: Plaintiff: D.R. Pritchard SC Defendants: A. Leopold SC; B. Koch Solicitors: Plaintiff: Adam Cutri, Somerville Legal Defendants: Frank Tao, Henry Davis York File Number(s): 2013/363874 Publication restriction: No